GBP/USD Holds Up; Below 1.6216 Needed to Suggest Big Reversal
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-GBPUSD made an outside day reversal on 1/2 after poking above 1.6600. Since 2011, the market has reverted to the mean early in the year.
-Bigger picture, GBPUSD has broken above the line that extends off of the 2009 and 2011 highs. A significant breakout is possible. Below 1.6216 is needed to negate bullish implications from this event.
Trading Bias: Flat
LEVELS: 1.6260 1.6315 1.6357 | 1.6473 1.6552 1.6602
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.